Magellan Midstream Increases Quarterly Cash Distribution to 61.25 Cents
TULSA, Okla, April 24, 2014
TULSA, Okla, April 24, 2014 /PRNewswire/ -- The board of directors of Magellan
Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly
cash distribution to 61.25 cents per unit for the period Jan. 1 through March
31, 2014, representing the 48^th distribution increase since its initial
public offering in 2001.
The first-quarter 2014 distribution is 21% higher than the first-quarter 2013
distribution of 50.75 cents per unit and represents a 5% increase over the
fourth-quarter 2013 distribution of 58.5 cents.
The new distribution, which equates to $2.45 per unit on an annualized basis,
will be paid May 15 to unitholders of record at the close of business on May
This announcement is intended to be a qualified notice to nominees under
Treasury Regulation Section 1.1446-4(b), with 100% of the partnership's
distributions to foreign investors attributable to income that is effectively
connected with a United States trade or business. Accordingly, the
partnership's distributions to foreign investors are subject to federal income
tax withholding at the highest effective tax rate.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership
that primarily transports, stores and distributes refined petroleum products
and crude oil. The partnership owns the longest refined petroleum products
pipeline system in the country, with access to nearly 50% of the nation's
refining capacity, and can store more than 90 million barrels of petroleum
products such as gasoline, diesel fuel and crude oil. More information is
available at www.magellanlp.com.
Portions of this document may constitute forward-looking statements as defined
by federal law. Although management believes any such statements are based on
reasonable assumptions, actual outcomes may be materially different.
Additional information about issues that could lead to material changes in
performance is contained in the partnership's filings with the Securities and
Contact: Paula Farrell
SOURCE Magellan Midstream Partners, L.P.
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